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2 in 5 Brits struggle to make it to payday

By citizenmike  |  Posted: May 06, 2014

CONCERNED: Sophy Gardner, Labour's parliamentary candidate for Gloucester

Comments (8)

SOME 38 per cent of people in the South West say they are in financial difficulty.

Sophy Gardner, Labour’s parliamentary candidate for Gloucester, has spoken out against what she says is a ‘growing personal debt crisis gripping Britain’ as research shows two in five Brits struggle to make it to payday and that millions are now taking out payday loans and debt management plans to cope with the cost of living and debt repayment.

Ms Gardner said: “Sophy Gardner said: “It’s vital that we tackle the cowboys making money out of providing debt management advice and the legal loan sharks still profiting from these pressures.

“I’m backing plans to get tough on debt management companies, to make sure people have access to good debt advice and alternative affordable finance.”

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County councillor Lesley Williams, leader of the Labour group, added: “Many people are getting into debt or spending all their rainy day money as a result.

“People often struggle to get to payday and that this is due to household bills like energy or rent, or repaying credit cards and payday loans.”

She fears some are becoming ‘zombie-debtors’ who can only afford to pay interest on their debts rather than pay off the debt itself.

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  • tommyrich182  |  May 08 2014, 12:05PM

    The real pressure on the government to regulate pay-day-loan companies will be coming from the banks. The same banks of course who own the credit card companies who, before the rise of pay-day-loan companies, were the "pay-day-loan" companies of the time. Did credit card companies ever carry out any of the meaningful checks on a persons ability to repay a loan - No. Did credit card companies rack up costs with add-ons for late payment or exceeding limits - Absolutely. Did credit card companies use un-ethical methods to pressurise people (and their families) who found themselves unable to repay - Yes. Now of course there are many alternatives to the monopoly that the banks have enjoyed and, guess what, they don't like it. http://tinyurl.com/momrp64

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  • IsitJimKerr  |  May 07 2014, 10:57AM

    Typical Liebour, grab the headlines with an ill conceived comment. Fact is, many of today's probs are caused by yesterdays Liebour party. The Tories are getting this country back on i';s feet, no thanks to the likes of Ms Gardner.

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  • LordGagas  |  May 07 2014, 9:45AM

    Ms Gardner said: "Sophy Gardner said:......... no contract workers on today?

  • honslknjklyt  |  May 07 2014, 8:23AM

    The slur of cowboy is far too overused. When these people slur one company and overregulate into stupor, they then move onto the next. People are having difficulties buying a home and paying private rent, a basic requirement of living is a roof over there head and a place to call home. Yet help to buy only relates to new properties, while social housing tenants can get up to a 70% discount. Private landlords are a problem, not the landlords themselves as they are only operating in a business that is open to them, but the buy to let industry does take away secure homes for people. Nothing is being done about this at all.

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  • Tuffley_Echo  |  May 06 2014, 9:02PM

    Yes something the present MP and his party should be looking at. Instead, they continue to promote statistics that hide the real truth. Their ignorance of this will come back to haunt them this time next year.

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  • JemmyWood  |  May 06 2014, 8:36PM

    As long as the biggest payday loan company is a massive contributor to the Conservative Party... No Tory will touch it.

    |   8
  • uk_socrates  |  May 06 2014, 8:31PM

    Typical labour, no solutions presented as per usual! We need to address lots of issues within the economy. Minimum wage needs to rise to at least £7.15, we need to also fix things in the public sector, for example locum doctors on £1200 a shift!, also a scrapping of non-jobs at councils, we also need to scrap Employer national insurance contributions, its essentially a stealth tax on hiring people, we need more simple tax codes, and self employment tax forms should be less complicated. The private sector is suppose to pay for the public sector, so lets get inventing new products and services, we have people with science degrees working at Costa!

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  • SELINA30  |  May 06 2014, 6:32PM

    This is something the present MP for Gloucester should be looking at.